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Published on September 15, 2007

Petrochina was named best-performing Asian energy business, placing sixth worldwide and ahead of many long-established Western energy firms.

Petrochina's oil output puts it on the same footing in terms of scale as medium-sized Organisation of Petroleum Exporting Countries producers. Measured in net profit alone, it is the fourth most successful energy firm in the world.

Second to fifth places in Asia went to China Petroleum and Chemical, India's Oil and Natural Gas, PTT and Hong Kong's China National Offshore Oil, respectively.

The Platts Top 250 scores the world's top-performing energy companies based on a combination of assets, revenue, net profit and return on invested capital. 

Power revision

The Securities and Exchange Commission has ordered Power Line Engineering to revise its consolidated first- and second-quarter financial statements and submit them by October 14.

The move came after company auditors stated Power Line Engineering did not include the financial performance of subsidiary Techner in either statement.

Finansa loss

Finansa recorded a second-quarter net loss of Bt148.16 million, compared with a net profit of Bt53.2 million in the same period last year.

However, for the first half of the year, its net loss narrowed to Bt103 million, from Bt185 million last year.

Finansa attributed 75 per cent of the second-quarter net loss to additional loan-loss provisions.

It also suffered from lower operating profits in line with sluggish market conditions.

Reserves up

Thailand's foreign reserves as of September 7 totalled US$76.8 billion (Bt2.63 trillion), up from $74.4 billion a week earlier.

The Bank of Thailand said its net forward position in the foreign-exchange markets was $12.2 billion, compared with $13.6 billion on August 31.

The Nation